Walmart announced late Wednesday that the Arkansas-based retail giant was no longer pursuing a proposed 154,000-square-foot superstore on the Larsen Green site. The Green Bay City Council voted July 16 to deny Walmart's rezoning request.

Christopher Naumann, executive director of On Broadway Inc., which owns the property, said his organization received a certified letter Thursday from Walmart officially terminating the company's option to purchase the site. The option had been scheduled to continue until Aug. 25.

Naumann said On Broadway is reviewing the new prospective buyer's purchase offer, which he described as intriguing. He likened the changing circumstances to "a fast-moving freight train," but said that his group was proceeding cautiously.

"It's in a very sensitive stage," he said. "We want to make sure everyone's interests are represented very fairly."

On Broadway owes $3 million on the Larsen Green site, although the city guaranteed the loan and shares control of the site under the 2007 loan agreement.

Residents hold signs in favor and opposed to the proposed Walmart during the Green Bay City Council meeting at City Hall in downtown Green Bay on Tuesday, July 15, 2014. Evan Siegle/Press-Gazette Media (Photo: Evan Siegle/Press-Gazette Media)

Green Bay City Council members Thomas Sladek and Brian Danzinger talk as they watch a Walmart presentation at City Hall in downtown Green Bay on Tuesday, July 15, 2014. Evan Siegle/Press-Gazette Media (Photo: Evan Siegle/Press-Gazette Media)

Brent Crabb, who lives in the neighborhood where the proposed Walmart would be built, holds a sign showing his support against Walmart during the Green Bay City Council meeting at City Hall in downtown Green Bay on Tuesday, July 15, 2014. Evan Siegle/Press-Gazette Media (Photo: Evan Siegle/Press-Gazette Media)

Green Bay City Council member Brian Danzinger asks questions to a Walmart representative during the Green Bay City Council meeting at City Hall in downtown Green Bay on Tuesday, July 15, 2014. Evan Siegle/Press-Gazette Media (Photo: Evan Siegle/Press-Gazette Media)

At left, Green Bay Mayor Jim Schmitt looks on as a residents speaks before Green Bay City Council members vote on the proposed Walmart superstore in the Broadway shopping district at City Hall in downtown Green Bay on Tuesday, July 15, 2014. Evan Siegle/Press-Gazette Media (Photo: Evan Siegle/Press-Gazette Media)

People hold signs before Green Bay City Council members vote on the proposed Walmart superstore in the Broadway shopping district at City Hall in downtown Green Bay on Tuesday, July 15, 2014. Evan Siegle/Press-Gazette Media (Photo: Evan Siegle/Press-Gazette Media)

Green Bay Mayor Jim Schmitt looks on as people hold signs before Green Bay City Council members vote on the proposed Walmart superstore in the Broadway shopping district at City Hall in downtown Green Bay on Tuesday, July 15, 2014. Evan Siegle/Press-Gazette Media (Photo: Evan Siegle/Press-Gazette Media)

People react after the Green Bay City Council voted against Walmart proposal for big-box store at City Hall in Green Bay on Tuesday, July 15, 2014. Evan Siegle/Press-Gazette Media (Photo: Evan Siegle/Press-Gazette Media)

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Schmitt would not identify the new prospective buyer, but he said the offer would be enough to repay the $3 million bank loan. City officials will consider the offer, he said, along with other possibilities as they try to finalize a redevelopment strategy for Larsen Green before the end of the year.

"We've got work to do on this," he said.

Walmart had worked for about a year to win over city leaders with its proposal for a big-box store that would sell groceries and a full line of other retail merchandise on the Larsen Green site. But while supporters cheered the retailer's plan, Schmitt and other opponents called it too large and incompatible with the Broadway shopping district.

City planners hope that the 15-acre site will attract a mixture of uses, possibly including residential development, smaller commercial outlets and a cultural or entertainment component.

Schmitt said both new developers looking at the site are interested in unique urban-style development that would not include a big-box store and would involve Larsen Green renovation rather than demolition.

Some grocery store operators also are considering the area, he said, but were not willing to move forward while Walmart remained a possible competitor.

Alderman Randy Scannell, whose district includes Larsen Green, said he was encouraged to hear about the new purchase offer. Scannell said the mayor told him several days ago that other interested parties would step forward if Walmart walked away.

Although he does not know who the new buyer is, Scannell said he believes the developer's plan involves a grocery store, plus other features that would eventually transform the entire 15 acres.

"It sounds very encouraging," he said. "I'm hopeful — very hopeful."

— swilliams@pressgazettemedia.com and follow him on Twitter @pgscottwilliams.